(1) A bareboat charter contract obliges the owner to let a certain sea-going ship without company to the charterer, and to allow the charterer the use of this ship during the charter period.
(2) The charterer is obliged to pay the charter rate agreed. Unless otherwise agreed, the charter rate is to be paid in advance on a fortnightly basis.
(3) The provisions of the present Subchapter apply insofar as the charterer concludes the charter party for the purposes of operating the ship to pursue marine navigation as a gainful economic activity. If the charterer does not carry on a trade in the sense as defined by section 1 (2), and if the charterer’s business name has not been entered in the Commercial Register pursuant to section 2, then the provisions set out in Chapter 1 of Book 4 are to be applied as a subsidiary source of law to the bareboat charter contract; this does not apply to the provisions of sections 348 through 350, however.